13 December 2016, India :
Indifi Technologies, an enabler of micro, small, and medium enterprises (MSME) financing in India, announced today it has raised $10 million in a Series B investment round led by investment firm Omidyar Network, established by the founder of eBay, Pierre Omidyar.
Existing investors Accel Partners and Elevar Equity also participated in the round. Indifi Technologies, while maintaining its focus on MSME businesses, intends to direct the investments towards furthering its products and technology.
Alok Mittal, CEO and co-founder of Indifi Technologies, said: “Through our current roadmap, we have validated our vertical approach to financing and are now present across travel, e-commerce, retail, and hotel segments. The capital raised in this series will be targeted toward improving our offerings in these verticals. That means not only expanding our product lineup but also creating a more seamless customer experience, and enhancing our data and credit models. We are delighted to have Omidyar Network as a new partner in our journey, and are excited to leverage their global perspective and experience.”
Indifi Technologies is a Gurgaon-based platform for enabling debt-financing for small businesses. It further aims to substantially improve the experience for borrowers in terms of speed of approval and disbursement, convenience of the loan process, relevance of the loan product to their business needs, and finding the best rates in the market.